Minnesota Unemployment Rate Hit Record Low in March
St. Paul, MN (KROC-AM News) - Minnesota's seasonally adjusted unemployment rate hit a record low in March.
The latest jobs numbers from the Minnesota Department of Employment and Economic Development show the jobless rate fell from 2.7% in February to only 2.5% last month. The rate tied February 1999 for the lowest seasonally adjusted unemployment rate ever recorded in Minnesota.
The state saw a net gain of about 11,500 jobs in March, and DEED has revised the numbers from February upward to a net gain of 13,000 jobs from the gain of 5200 jobs that was originally reported last month. Minnesota has now enjoyed six straight months of job growth, but overall employment still has to climb by more than 100,000 to get back to the level it was just before the COVID-19 economic shutdown.
The report also shows Minnesota's labor force participation rate increased to 68.1% in March. That's up two-tenths of a percentage point from February and is the highest the labor force participation rate has been since November 2020.